Chapter 52 - Decedent's Estates and Trusts

Chapter 52 - Decedent's Estates and Trusts - Chapter 52...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 52 – Decedents’ Estates and Trusts I. Wills a. Decedent: i. Person whose estate is being administered ii. If died with a valid will 1. Died TESTATE iii. If decedent didn’t make a will 1. Laws for INTESTATE distribution determine the distribution b. Definitions i. Testate Distribution: 1. Describes the distribution that is made when the decedent leaves a valid will a. Will: i. Ordinarily a writing that provides for a distribution of property upon death but that confers no rights prior to that time b. Man who makes a will is a testator i. A woman is a testatrix ii. Gift of personal property by a will is a legacy or bequest 1. Beneficiary is a legatee iii. Gift of real property by will is a devise 1. Beneficiary is a devisee c. Parties to Will i. Testator: 1. Generally the right to make a will is limited to persons 18 or older a. Testamentary capacity:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
i. Sufficient mental capacity to understand that the writing being executed is a will and what that entails ii. Beneficiary:
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/24/2011 for the course MGMT 354 taught by Professor Staff during the Spring '08 term at Purdue.

Page1 / 4

Chapter 52 - Decedent's Estates and Trusts - Chapter 52...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online